Traction Batteries Market, 2015-2025 by Segmentation: Based on Product, Application and Region

The market for traction batteries is rapidly growing. A traction battery or electric vehicle battery is a battery that is used to power the battery electric vehicle. Vehicle batteries are rechargeable in nature. Traction battery relates to all the batteries used to power electric vehicles. The rising application of these batteries in different form of vehicles including mobility scooter, a fork-lift truck and many more are driving the global traction batteries market.

The growing market for automotive has largely emphasised on the development of the vehicles that are fast, efficient and safe. Traction batteries have become an important and crucial part of any electric vehicle or hybrid electric vehicles now a days. Traction batteries are used in electric Golf carts, forklifts, and electric motorcycles, riding floor scrubbers, trucks, and vans, full-size electric cars and other electric vehicles.

The increasing demand and succeeding hybrid and electric vehicle production is considered as one of the biggest driver for the increasing demand of the traction batteries and global traction batteries market penetration. The major restraint in the global traction batteries market implies to be the limitation with the lead-acid batteries and high cost of the other traction batteries.

The global traction batteries market is expected to register a favourable growth for the forecast period, 2015 To 2025. North America is projected to endure its control on the global traction batteries market. The key country in the mentioned region is projected to be United States as an outcome of the increasing demand for electric vehicles. Europe is considered the second largest market for traction batteries behind U.S. and ahead of Japan which also contributes to the global traction batteries market remarkably.